Alliance, HMR deal

The companies completed their agreement to develop and market LiquiVent (perflubron), an oxygen-carrying liquid in Phase II/III trials to treat acute respiratory failure (see BioCentury Jan. 15).

HMR will purchase $22 million in ALLP convertible preferred stock, and will receive a warrant to purchase 300,000 shares of common stock at $20 per share. Under certain circumstances, $15 million of the preferred will convert into 3 percent of ALLP's common stock. ...